Congressman On Mo’ Money: “It’s a Text Book Rip Off!”

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(Olive Branch, MS) It's been five months since Rosie Summers filed her taxes with Mo' Money in Byhalia, Mississippi. She finally got a refund, only to find out there was another problem.

"When I went back to the bank, they told me that the check had bounced," says Summers.

As of June, still, no money from Mo' Money. Even worse, Summers used a portion of what she thought was her refund to buy a car, so now she owes the bank.

"I actually have about three or four numbers to call, I have two fax numbers, I sent copies of the check back too and I still haven't gotten a response."

It's stories like Summers' that led to Mo' Money's name becoming the focal point of a hearing on tax fraud and identity theft. "This is a rip off of citizens who are vulnerable and need these refunds and are being taken advantage of, and a rip off to the government," said Rep. Steve Cohen (D) TN.

Congressman Cohen asked a representative from the IRS Criminal Investigative Division about the ongoing investigation into Mo Money, but got no direct response. Cohen also questioned whether payments to third party accounts should be banned.

Taxpayer Advocate Nina Olson testified the IRS hasn't done enough to help victims like Summers recoup their money. "I do not think it is too much of a stretch for the IRS to treat a return with an account number wrongfully altered by a taxpayer by a preparer as invalid," explained Olson.

Perhaps the most vocal was Representative John Conyers of Michigan who says his state has also taken complaints. "This is not a play hearing, we gotta get going on this!"

Which is exactly what Summers says she's hoping for. "I really wouldn't want to see Markey in a lot of trouble, but somebody gotta take responsibility."

WREG On Your Side Investigators spoke with Mo' Money Co-Founder Markey Granberry Thursday. He says he watched the hearing and stands by his previous statements that he believes no one committed a crime.

Olson says her office is continuing to take complaints from customers who haven't been able to get their money. Area contacts are below: